Residents in coastal areas who are often confronted with damages caused by flooding would do well to consider insuring their property using CBRA or COBRA flood insurance. But, why is it even necessary to get this type of insurance, and which insurance company is worth considering?
It is good to note that along many of the beaches in Florida there are several areas that fall within what is called the COBRA Zone. These are insurance zones where the Federal Government does not approve of flood insurance to commercial and home owners.
Most of the COBRA zones together with its identification dates can be found on FIRMS (Flood Insurance Rate Maps). Various zone designations are being used to help identify where there is a minimum, moderate or high risk attached to the properties situated in the area.
Coastal areas fall in what is known as the AE or VE Zones, which is considered to be high risk areas. More information can be obtained through studying the Coastal Flood Studies fact sheet.
One can begin to see why many prospective property owners were put off in purchasing property in areas that were declared as COBRA zones. They are not prepared to pay exorbitant rates to the tune of $30,000 a year just to be covered by flood insurance.
Property owners may very well have their hands in their hair due to what seems like an impossibility to obtain decent COBRA flood insurance. This is especially the case where they are in desperate need of housing and the lenders are not keen to provide them with a loan due to not having insurance.
Not all is lost though with regards to getting CBRA or COBRA flood insurance that is affordable. The Diverse Insurance Group is more than willing to assist in this regard. Their team will be able to assist you all the way by helping you with the COBRA flood insurance application and other important matters pertaining to companies who assist with federally backed mortgage loans.
As it is a requirement to obtain CBRA flood insurance, companies who assist property owners with finance will insist that they approach a reputable insurance group to have their property insured against flood damage.
This is where the Diverse Insurance Group comes into play. In fact they will point new property owners to what is stipulated in the National Flood Insurance Act of 1968. This document goes on to show just how necessary it is for property owners to be covered by proper COBRA flood insurance.
When not covered, property owners will find themselves facing personal hardships as well as being in economic distress in the event of future flooding damaging their property. Further to this, it will put unnecessary strain on the Nation’s resources when disaster relief measures are required.
This is good enough reason as to why both new and existing property owners in the coastal regions of Florida need to approach reputable insurance companies such as the Diverse Insurance Group to help them obtain CBRA or COBRA flood insurance.